SFIO files case against Raju in Hyderabad court

The Serious Fraud Investigation Office (SFIO) on Monday, filed a case against scam-tainted Satyam Computer chief Ramalinga Raju and others before a Hyderabad court.

The government has asked the investigating agency to initiate proceedings against those involved in the Satyam accounting fraud and the partners of the firm's auditors, PriceWaterhouse.

Corporate affairs ministeer, Salman Khurshid said the SFIO has filed a complaint petition before a special magistrate judge for economic offences in Hyderabad. Khurshid was speaking to reporters on the sidelines of a CII event in New Delhi.

SFIO, the corporate affairs ministry's investigations arm has probed the Satyam accounting fraud and submitted its report to the government detailing violations of company law by founder chairman B Ramalinga Raju and others. Khurshid said the ministry had done its job and now it was for the enforcement directorate and the IRS to to file their prosecutions.

SFIO will initiate proceedings on charges under the Companies Act 1956 which would include falsification of balance sheet and profit and loss accounts, rigging of stock prices and filing of false income tax returns.

Others involved in the fraud besides Raju are Raju's brother Rama Raju, Satyam's former CFO Vadlamani Srinivas and PriceWaterhouse auditors S Gopalakrishanan and Srinivas Talluri.